Official data reveals that trade between China and Russia reached a record high of over $240 billion in 2023, surpassing their $200 billion goal. The two nations have strengthened economic and political ties, especially since Russia’s invasion of Ukraine in 2022. Meanwhile, trade between the United States and China fell for the first time since 2019, totaling $664 billion in 2023, an 11.6% decrease from the previous year. China’s exports fell by 4.6%, the first retreat since 2016, and imports were down by 5.5%. The data also indicated that China experienced deflation for the third consecutive month in December 2023.
“China-Russia Trade Hits Record High in 2023, US-China Trade Falls Amid Geopolitical Tensions
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